BlackBerry stock jumps as company confirms John Chen’s exit as CEO after 10 years

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 52 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 92%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Director Richard Lynch takes over on interim basis as company searches for replacement

BlackBerry Ltd. is looking for a new CEO after announcing the imminent departure of long-time leader John Chen, a move that was welcomed Monday by investors.

There was also a question of what role Mr. Chen – who earned a fixed US$3-million in salary and bonus per year - if any would occupy after BlackBerry spun off its profitable, fast-growing connected car in an expected initial public offering next year, or internet of things , business into a separate public company, from its slower growing, unprofitable cybersecurity unit.

It took BlackBerry six years to launch a proper competitive response. By then it was too late; hand-held sales kept plummeting. The company had also abandoned an alternative plan championed by Mr. Balsillie to bet on software and services instead of hardware, centred on its BBM mobile instant message service.

The company’s one-time saviour has otherwise delivered little payoff, leading to growing discontent among stakeholders. Under Mr. Chen, BlackBerry had become a hodgepodge of businesses, mostly picked up through acquisitions before and after he joined. It provides in-car software to connect vehicles to the internet.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BlackBerry CEO John Chen Resigns, Company to Announce ReplacementBlackBerry's CEO John Chen has resigned and will leave the company on Friday, according to a source. The Canadian technology company is expected to announce a new CEO soon.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

BlackBerry CEO John Chen to Exit With Software Company Planning SplitBlackBerry Ltd. Chief Executive Officer John Chen will leave the software company this week, ending a decade-long tenure that failed to deliver a turnaround in its fortunes.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

CEO John Chen out at BlackBerry as company prepares to divide businessBlackBerry Ltd. says CEO and executive chairman John Chen will retire from the company at the end of this week.
Source: BNNBloomberg - 🏆 83. / 50 Read more »